建银国际：升网易-S(09999)目标价至235.56港元 常青游戏及新游戏支撑前景

Core Viewpoint - The report from Jianyin International indicates that NetEase-S (09999) has mixed performance for Q2 2025, but strong results from Changyou games and recently launched titles, along with a robust game pipeline, support a solid outlook. Therefore, the rating is maintained at "Outperform" and the valuation year is updated from 2025 to 2026, resulting in a target price increase of 4% from HKD 226.2 to HKD 235.56 [1] Group 1 - NetEase-S (09999) shows mixed performance for Q2 2025 [1] - Strong performance from Changyou games and recent launches contributes to a positive outlook [1] - Target price increased by 4% to HKD 235.56, with valuation year updated to 2026 [1]